• Income Tax Return (ITR) is a form in which the taxpayers file in information about his Income earned and tax applicable to the income tax department. The department has notified 7 various forms – ITR 1 , ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 till date.
• Every taxpayer should file his ITR on or before the specified due date.

There are 7 type of ITR notified by the government , now we will understand “Who should file which ITR”

This Return Form is for a “resident” individual whose total income includes :

• Income from Salary/pension or
• Income from One House property or
• Income from Other Sources (FD interest, interest on small saving schemes, Post Office interest etc. but excluding Winning from lottery and income from race Horses)
• Agricultural income up to Rs. 5000.

• Total income exceeding Rs. 50 lakh
• Agricultural income exceeding Rs. 5000
• If you have taxable capital gains ( if you sold any fixed asset on profit it is known as capital gain)
• If you have income from business and profession
• Having income from more than one house property
• If you are a Director in a company
• If you have/had investments in unlisted equity shares at any time during the financial year
• Having foreign asset or foreign income

ITR 2 is for the use of an individual or HUF (Hindu undivided family) whose total income exceeding INR 50 lakh includes :

• Income from salary/Pension 
• Income from house Property
• Income from other sources (including winnings from lottery and income from race horses )
• If you are an individual Director in a company
• If you have had investments in unlisted equity shares at any time during the financial year.
• Income from Capital gains 
• Foreign Assets or Foreign Income
• Agricultural income more than Rs. 5,000.

• This Return form should not be used by an individual whose total income includes Income from Business or Profession.
• For declaring these type of incomes you may have to use ITR-3 or ITR-4.

It is for Businesses whose Audit done by CA.

The Current ITR 3 form is to be used by an individual or Hindu undivided family whose income is from Proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :

• If you are carrying on a business or profession
• If you are an individual Director in a company
• If you have had investments in unlisted equity shares at any time during the financial year.
• Return may include income from house property, Salary/Pension and income from other sources
• Income of a person as a partner in the firm

The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from business or profession.

It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs. 2 crore, the taxpayer will have to file ITR-3.

• If your total income exceeds Rs. 50 lakhs
• Having income from more than one house property
• If you have any brought forward loss or loss to be carried forward under any head of income
• Owning any foreign assets
• If you have signing authority in any account located outside India
• Having income from any source outside India
• If you are Director in a company
• If you have had investments in unlisted equity shares at any time during the financial year.
• Having foreign assets or foreign income.

• This ITR is for firms or
• LLPs (Limited liability partnership) or
• AOPs (Association of Persons) or
• BOIs (Body of individuals) or
• Artificial Juridical Person (AJP) or
• Estate of deceased or
• Estate of insolvent or
• Business trust and investment fund or

However, a person who is required to file the return of income under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

This ITR is for companies other than companies claiming exemption under Section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only

ITR 7 is for :

• Return u/s 139(4A) – Trusts
• Return u/s 139(4B) – Political Parties
• Return u/s 139(4C):
  1. Scientific Research Association
  2. News Agency
  3. Association or institution referred u/s 10(23A)/10(23B)
  4. Educational Institution/Hospital/Medical Institution
• Return u/s 139(4D) – University/College/Institution not covered under any of the above provisions
• 139(4E) – Business Trusts
• 139(4F) – By any Investment fund referred to in section 115UB